Discounted Cash Flow (DCF) Analysis Levered
Melco Resorts & Entertainment Limit... (MLCO)
$12.73
+0.35 (+2.83%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5,158.51 | 5,736.80 | 1,727.92 | 2,012.36 | 1,349.98 | 1,096.44 | 890.51 | 723.27 | 587.43 | 477.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,056.70 | 836.16 | -860.96 | -268.77 | -94.91 | -77.09 | -62.61 | -50.85 | -41.30 | -33.54 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -615.11 | -449.92 | -463.87 | -679.39 | -271.26 | -220.31 | -178.93 | -145.33 | -118.03 | -95.87 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 441.59 | 386.25 | -1,324.83 | -948.17 | -366.17 | -297.40 | -241.54 | -196.18 | -159.33 | -129.41 |
Weighted Average Cost Of Capital
| Share price | $ 12.73 |
|---|---|
| Beta | 1.154 |
| Diluted Shares Outstanding | 478.03 |
| Cost of Debt | |
| Tax Rate | 14.78 |
| After-tax Cost of Debt | 3.68% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.939 |
| Total Debt | 8,714.35 |
| Total Equity | 6,085.31 |
| Total Capital | 14,799.66 |
| Debt Weighting | 58.88 |
| Equity Weighting | 41.12 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5,158.51 | 5,736.80 | 1,727.92 | 2,012.36 | 1,349.98 | 1,096.44 | 890.51 | 723.27 | 587.43 | 477.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,056.70 | 836.16 | -860.96 | -268.77 | -94.91 | -77.09 | -62.61 | -50.85 | -41.30 | -33.54 |
| Capital Expenditure | -615.11 | -449.92 | -463.87 | -679.39 | -271.26 | -220.31 | -178.93 | -145.33 | -118.03 | -95.87 |
| Free Cash Flow | 441.59 | 386.25 | -1,324.83 | -948.17 | -366.17 | -297.40 | -241.54 | -196.18 | -159.33 | -129.41 |
| WACC | ||||||||||
| PV LFCF | -280.99 | -215.62 | -165.46 | -126.97 | -97.44 | |||||
| SUM PV LFCF | -886.48 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.84 |
| Free cash flow (t + 1) | -132 |
| Terminal Value | -3,437.44 |
| Present Value of Terminal Value | -2,588.13 |
Intrinsic Value
| Enterprise Value | -3,474.61 |
|---|---|
| Net Debt | 6,901.62 |
| Equity Value | -10,376.24 |
| Shares Outstanding | 478.03 |
| Equity Value Per Share | -21.71 |